The global sales of bowl cans are estimated to be worth USD 3.3 billion in 2021 and are anticipated to reach a value of USD 4.9 billion by 2031. Sales are projected to rise at a CAGR of 4.1% over the forecast period between 2021 and 2031. The revenue generated by bowl cans in 2020 was USD 3.2 billion.
The bowl cans market is witnessing significant growth propelled by a number of major factors. Additionally, consumer demand for convenient and portable food packaging solutions continues to rise day by day, as bowl cans offer a convenient and easily operable package with the feature of resealability. The growing trend for health-oriented eating and increasing demand for portion-controlled servings continue to show growth in the market, and bowl cans are perfectly suited for single-serve meals and snacks.
Besides, the trend for sustainable packaging solution has enabled a bigger reception of the use of environmental-friendly materials in bowl cans. The development in manufacturing processes-technological development and design innovations-very strongly affects an improvement in the functionality of the products, whereas extension of distribution channels increases market penetration and accessibility.
Global Bowl Cans Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 3.2 billion |
| Estimated Size, 2021 | USD 3.3 billion |
| Projected Size, 2031 | USD 4.9 billion |
| Value-based CAGR (2021 to 2031) | 4.1% |
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The growth in the adoption of beverage products globally is lashing the demand for bowl cans. Improved promotional activities by different companies of food & beverages to rise the demand for the usage of the target product owing to increased sales of cold drinks and soft drinks.
The rising demand for changing lifestyles and healthy food among consumers has headed to large consumption of canned products. The growing technologies have allowed the products to enable the manufacturers to adopt smart innovation in product designing. Such products are being lightweight, recyclable and eco-friendly are driving the growth during the forecast period of 2021 to 2031.
Epoxy type of target product are widely used in extensive applications among beverage can manufacturers. However, from the historic period, the companies have started relieving epoxy bowl cans with other substitutes owing to regulatory policies and toxicological presence to put forth by several governing agencies. Polyester and acrylic type are currently being used as an alternative option to epoxy type of bowl cans.
Acrylic type offers clean advent coupled with sulphide and corrosion pigment resistance. Though, these products are brittle in nature, with the possibility of change in taste and odour of foods.
The epoxy type cools down faster as compare to others, aerosol can and others, as plastics are preferred by consumers. Beverage types of can companies have to obey with the strict principles set down by food authorities affecting the quality of the cans. This is expected to drive the demand for the product.
Additionally, these products are ease to maintain the taste and flavour of the product. Beverage type of bowl cans are consumed for alcoholic purposes and non-alcoholic beverages type of cans are used for filling soft drinks, herbal teas, fruit juices, energy drinks, etc.
Whereas, beverage types of cans lengthen the barrier against light and oxygen, subsequently holding the freshness and flavour of beverages. Such growing demand for beverage types of a can is likely to augment the sales.
Principal Consultant
North America holds the highest shares for bowl cans. The growth in the region is attributed to the established availability of chemical industries, personal care, pharmaceutical industries and food and beverages sectors. This, in turn, is expected to use the target product in the above-mentioned industries for various purposes, thus increasing the product demand in the region.
The manufacturing of the product in the region is mainly measured by the US Food and Drug Administration. Companies at the regional level must comply with regulations concerning bowl cans. This, in turn, is likely to urge the manufacturers to develop the product under government regulations.
As the population is on the rise, the North American people drinks & eats more than ever before, as of 2020, more money was spent on food at dining and restaurants establishments compared to food or grocery stores.
Another dynamic influence behind the swell in growth in the restaurant sector has been the continual implementation of foodie culture by North Americans, hence, with the increase in demand for cold drinks and other bowls can products, the demand for the target product is projected to increase rapidly over the forecast period.
The Asia-Pacific region is projected to be the fastest-growing bowl can market across the world. The region is a manufacturing sector for chemical, pharmaceutical and food & beverages industries, owing to the low cost of raw materials and availability of cheap labour. This is likely to increase the depletion of the product, thus fueling the regional demand.
Countries such as China, Japan, India, Indonesia, Thailand, New Zealand and Australia are considered for the contribution to the regional market. Thus, the growth is projected to be high. Many types of bowl cans are used in the region, such as acrylic, epoxy, polyester and others. The demand from the food & beverage sector is on surge due to the rise in the regional population.
Manufacturers such as Crown Holdings and Ball Corporation are entering into the Asia Pacific region by mounting new production plants in the region. This led to the increase in consumption of the product. Apart from this, high disposable income, urbanization, high industrial growth, and lower production of fresh drinks are driving regional growth.
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The bowl cans market is moderately consolidated in nature with a few major manufacturers leading a significant position globally. Some of the major players are
These manufacturers have executed various growth strategies like collaboration and new product launch to expand their global presence and escalate their respective sales. For instance, in 2020, Ball Corporation has collaborated with Tubex Industria for its acquisition of USD 80 million. This partnership will enlarge their regional reach and as the demand for bowl cans increases, the acquisitions will help to take the orders from the global market.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments by type, by material, by structure, by bowl can shape, by volume, by fabrication, by application and by geographies.
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Bowl Cans Market
